Study Hall: Why America Has A Housing Crisis

**SPEAKER_1** (0:00)
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**SPEAKER_2** (1:31)
So, all right, let's talk about this.
There is a housing shortage in America, right? So, what does that mean for the average person, and how does that affect the real estate market over the next five years?

**SPEAKER_3** (1:50)
Well, that means that, you know, it's like anything else, it's supply and demand.
The supply is low, the demand is high. So, that's why rents go up so.

**SPEAKER_2** (1:57)
But why is there a housing shortage, though?

**SPEAKER_3** (1:59)
Man, there's been so much politicization of housing and real estate, and it's difficult to build. Like, you look at some of the markets where it's most pronounced, New York, California, there's this thing called NIMBY. You ever heard of NIMBY? Not in my backyard.
People say, yeah, we need affordable housing, but don't build it on my street, right?
And so what that does is it disturbs the real estate market for that particular city.
And we just, by and large, have not built enough moderate and middle income or affordable housing. So, you know, millionaires don't have any problem. They could buy whatever they want to buy, right? Or live wherever they want to live. We're talking about the rank-and-file public, workers, you know, teachers, ambulance drivers, you know.
Sanitation workers, the rank-and-file public who have good jobs, they work hard, but there's been such an escalation in the cost of rents because of the supply and demand disruption that these rents are off the table. I mean, if 4 million units of housing hit the market tomorrow, all rents would drop, but it takes years and years to build it. That's why, you know, we have this condition because it's hard to just increase the supply quickly. You have to have an alignment of politics, of market forces, like real estate, excuse me, like interest rates. You know, interest rates are out of control right now. So it makes it very hard to build. Sometimes you have construction costs going off the rails. Like everyone heard about, you know, what was going on with supply chain disruptions, you know, last year. So you have all these things that can throw that equation off and make it hard to produce housing. So, you know, right now it's come to a critical point. And, you know, particularly elected officials have to get off of the rubric where they want to, you know, almost politicize housing, make all real estate developers evil, all real estate is bad. We have a lot of that narrative coming out of certain communities and certain cities, but it doesn't help to do anything because people still cannot find good housing. And the only way to get it is to build it, right? We have to up zone. A lot of communities don't want to go through rezoning and up zone. They say, oh, we don't want that high building here.
Well, okay, that's your opinion, but we have people sleeping in shelters, right? We have people who really need housing. And I firmly believe that housing security for most families is financial security. Because if people have a roof over their head, there's more money they have to dedicate to healthcare, to education, to other, you know, well-being of the family, taking care of the elderly, everything else the families have to deal with. But if 60, 70% of your income is used to pay rent, cuts out a lot of options, which you could do otherwise.